Oak Bay properties among elite of Greater Victoria

Median residential property assessments in Oak Bay fell from $691,000 in 2012 to $667,000 in 2013

Following a year where Oak Bay was one of only two municipalities in Greater Victoria to see property assessments rise, 2013 has been less kind.

Median residential property assessments in Oak Bay fell from $691,000 in 2012 to $667,000 in 2013, a 3.43 per cent dip, down from a modest increase of 0.78 per cent in 2012, according to BC Assessment reports. The number of properties rose from 6,422 to 6,443.

Despite the drop, Oak Bay Mayor Nils Jensen expects growth in Greater Victoria, and in particular Oak Bay, as people from colder climates continue to come to the Capital Region to live, work and retire.

“It certainly says that the hot real estate we had for some time is cooling off but that is likely temporary, particularly in Oak Bay,” Jensen said. “We have always had a strong housing market and strong assessment value. I think this is an aberration.”

Jensen said most homeowners would not see a significant impact on their individual taxes unless their assessment decreased or increased significantly more than the average.

“It is not going to have a direct impact,” he said. “It affects more how the taxes are distributed for people whose houses went up in a market when the average is a downward trend, those people will see an increase in their taxes but that happens every year.”

The entire Capital Region’s Assessment Roll decreased from $90.5 billion to $88.8 billion between the July 1, 2012 and July 1, 2013 assessment period with the highest valued residential property in Greater Victoria being an Oak Bay property valued at $11,972,000.

Nine of the top 15 highest assessed residential properties in the region are located in the District of Oak Bay. Property owners with questions or concerns about their assessment have until January 31 to submit a notice of complaint for an independent review.

Top 10 residential properties in Oak Bay

3195 Humber Rd, $11,972,000 – Acreage

3125 Beach Dr, $9,186,000 – Acreage

3160 Humber Rd,   $8,786,000 – Single Family

3150 Rutland Rd, $8,674,000 – Acreage

963 Beach Dr, $7,986,000 – Single Family

3355 Beach Dr,  $7,597,000 – Single Family

1069 Beach Dr, $7,463,000 – Acreage

1101 Beach Dr, $7,376,000 – Acreage

3480 Ripon Rd, $7,075,000 – Single Family

249 King George Terr, $6,533,000 – Single Family

 

 

Just Posted

Former five-term mayor endorses Murdoch’s mayoral bid

Causton endorses Murdoch’s 4-Pillar Platform; invites public to ‘meet the candidate’ event

Watch for high winds today and tomorrow

A wind warning is in effect for Greater Victoria. According to Environment… Continue reading

Oak Bay Beach Hotel ranked in the top 10 hotels in Canada by TripAdvisor

Ranked tenth among top 25 hotels in Canada for 2018 TripAdvisor Travellers’ Choice Awards

Experts to capture and collar 20 female deer in Oak Bay starting this month

Does sedated, examined, collared and ear tagged in latest phase of deer management plan

Oak Bay spreads national pride program up Island

Register now for a flag on your lawn each long weekend this summer

WATCH: Oak Bay hosts inaugural Vancouver Island Polar Plunge for Special Olympics BC

Local cops drag multi-media journalists out for a swim ahead of March 11 event

B.C. files new legal action against TransMountain pipeline

Province tries to uphold City of Burnaby bylaws, provoking Alberta

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

BCHL Today: Powell River stuns Vernon and BCHL grads lead Team Canada

BCHL Today is a (near) daily look at what’s going on around the league and the junior A world.

Reports of money laundering in B.C. real estate ‘troubling’: attorney general

News report alleges people connected to fentanyl trade are using B.C. real estate to launder money

OLYMPIC ROUNDUP: Two more medals for Canada, and men’s hockey loss

Team Canada shines on the speed skating track, but fall short against the Czechs in hockey

Air ambulance used parking lot for patient transfer because it was most efficient option

Lack of certification for helipad at Comox Valley Hospital not a factor in decision

RCMP member challenges court to prevent further disciplinary action

RCMP member launches appeal to avoid new hearing over alleged harassment

Port of Vancouver program examines impact of marine noise on local whales

Man-made noises can interfere with orcas’ ability to hunt and communicate with other pod members

Most Read